Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Finance Lease Maturities

The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of March 31, 2024. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

	Finance Leases		Operating Leases
			Aircraft and Spare Engine Leases		Property Facility Leases		Total Operating and Finance Lease Obligations
	(in thousands)
Remainder of 2024	$	226	$	361,922	$	4,827	$	366,975
2025	219		469,226		4,143		473,588
2026	141		442,913		3,994		447,048
2027	93		426,953		3,166		430,212
2028	67		406,187		1,754		408,008
2029 and thereafter	5		4,021,097		143,340		4,164,442
Total minimum lease payments	$	751	$	6,128,298	$	161,224	$	6,290,273
Less amount representing interest	74		2,328,372		133,317		2,461,763
Present value of minimum lease payments	$	677	$	3,799,926	$	27,907	$	3,828,510
Less current portion	249		229,758		4,304		234,311
Long-term portion	$	428	$	3,570,168	$	23,603	$	3,594,199

Schedule of Operating Lease Maturities

The following table provides details of the Company's future minimum lease payments under finance lease liabilities and operating lease liabilities recorded on the Company's condensed consolidated balance sheets as of March 31, 2024. The table does not include commitments that are contingent on events or other factors that are currently uncertain or unknown.

	Finance Leases		Operating Leases
			Aircraft and Spare Engine Leases		Property Facility Leases		Total Operating and Finance Lease Obligations
	(in thousands)
Remainder of 2024	$	226	$	361,922	$	4,827	$	366,975
2025	219		469,226		4,143		473,588
2026	141		442,913		3,994		447,048
2027	93		426,953		3,166		430,212
2028	67		406,187		1,754		408,008
2029 and thereafter	5		4,021,097		143,340		4,164,442
Total minimum lease payments	$	751	$	6,128,298	$	161,224	$	6,290,273
Less amount representing interest	74		2,328,372		133,317		2,461,763
Present value of minimum lease payments	$	677	$	3,799,926	$	27,907	$	3,828,510
Less current portion	249		229,758		4,304		234,311
Long-term portion	$	428	$	3,570,168	$	23,603	$	3,594,199

Schedule of Lease Cost

The table below presents information for lease costs related to the Company's finance and operating leases:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Finance lease cost
Amortization of leased assets	$	75	$	158
Interest of lease liabilities	8		10
Operating lease cost
Operating lease cost (1)	117,163		84,215
Short-term lease cost (1)	10,162		10,905
Variable lease cost (1)	54,900		52,655
Total lease cost	$	182,308	$	147,943

(1) Expenses are classified within aircraft rent and landing fees and other rents on the Company's condensed consolidated statements of operations.

The table below presents lease terms and discount rates related to the Company's finance and operating leases:

	March 31, 2024		March 31, 2023
Weighted-average remaining lease term
Operating leases	14.9 years		14.7 years
Finance leases	3.2 years		2.6 years
Weighted-average discount rate
Operating leases	6.98	%	6.39	%
Finance leases	5.49	%	4.46	%